Zomedica Corp. (ZOM) is up 11.58% in the after-hours trading session at the price of $0.65 despite any recent news.
ZOM Released Second Quarter 2021 Financial Results
On 11th August 2021, ZOM published consolidated financial results for the three and six months that ended on 30th June 2021. Zomedica announced a net loss of about $4.7 million or $.005 per share for the second quarter of 2021. A net loss for the three months ended on 30th June 2020 was $5.3 million or $0.02 per share. Net loss was approximately $8.7 million or $0.01 per share for the six months ended 30th June 2021. A net loss of $7.8 million or $0.05 per share was reported for the six months ended on 30th June 2020. Revenue for the three and six months ended 30th June 2021 was $15,693 and $29,817, respectively. It resulted from the sale of their TRUFORMA® products and associated warranties. They commenced commercialization of TRUFORMA® on 15th March 2021 and had limited sales activity in the first and second quarters of 2021.
CEO of ZOM, Robert Cohen, remarked that their business development efforts are continuing. They have appraised many opportunities and intended to evaluate many others in the coming future. The intended goal of enhancing the value of Zomedica is by providing additional high-quality products to their direct sales organization and add value to the installed base of customers as well as new customers. With the continued growth in the animal health market, it is an opportune time to expand their product offerings in this industry, he added.
Future Expectations
Due to delays in the developments of fT4 and ACTH assays, ZOM’s market acceptance of TRUFORMA® has been badly affected. However, their market adoption of TRUFORMA® will be challenging until their fT4 and ACTH assays are available for commercial release. The company expects that the fT4 assay will be available for sales commercially in the fall of 2021. Likewise, the ACTH assay will be available for commercial sale by the end of 2021.
Announcement of 2021 Annual Meeting Results
On 30th July 2021, ZOM published the voting results of its 2021 Annual Virtual-Only Meeting of Shareholders held on 30th July 2021. At the meeting, shareholders had approved various business items. Grant Thornton LLP was appointed as the auditors of the company and authorization of the board of directors. ZOM is a veterinary health company. It manufactures products for dogs and cats by concentrating on the unmet needs of clinical veterinarians. Its product portfolio will include innovative diagnostics and medical devices to emphasize patient health and practice health.
